Innov8, a coworking space provider backed by Oyo, has raised 110 crore rupees (around US$12.7 million) in its latest funding round.

The financing, facilitated by InCred, included contributions from various family offices such as Mankind Pharma, Gauri Khan, Rupa Group, and Jagruti Dalmia, valuing the company at 1,000 crore rupees (around US$115 million).

The funding round saw Innov8 dilute 10% of its stake and was oversubscribed by 2.7 times.

The capital raised will be allocated to acquisitions, technology enhancements, partnerships, and expanding operations in niche market segments.

Founded in 2015, Innov8 operates premium coworking spaces in cities like Delhi NCR, Gurgaon, Mumbai, Bangalore, and Hyderabad.